I saw a car for sale by owner and I was wondering if I would be able to lock in the price and vin with an option to purchase for “X” amount of time?
Would the contract be enforceable in court?
To ensure the option is enforeceable you want to include at least the following items in your option agreement:
- beginning and ending date(s) of the option agreement
- option price
- description of the vehicle (the vin number)
- amount of option consideration
- optionor’s notarized signature (seller)
- optionee’s notarized signature (buyer)
However, the only effecive way to protect your position, is to record a lien against the title via the DMV. That’ll probably cost you $50.
Reminds me of a time years ago I seen an ad for a Table saw at a really good price. I called the seller and got him to lower his price even more. I then placed an ad for the saw and found a guy willing to pay $30 more for it. I called the seller back and told him to sell it to this guy at the marked up price and I wud swing by later for the 30 buks. He agreed. I didn’t realize at the time that I had wholesaled a table saw and I cud do the same thing with larger items and even houses.
That was before the internet, I very much enjoy sleeping in, sitting on my butt & doing deals on the PC.
If somebody told me back in the 70’s that someday i wud be buying and selling houses on a computer and making a great living, I wud have said, give me some of that stuff your smoking.
You might also run the title to be CERTAIN the owner is the owner and that it is FREE and CLEAR.